All Forum Posts by: Account Closed

@Michael Evans

Thanks for such detailed informative information as well.

Wow @Eric Fernwood I'm so glad I came across this post. Such great information.

Welcome to BP.

I'm a newbie investor as well. I'm putting my team together as well as working on my access to financing. Hopefully we can cross paths and work together in the future.

Good luck and many blessings in your business....

@Cheryl P.

That is GREAT advice Cheryl. Thank you so much for the details. I'll be sure to implement those questions in my sit-downs with lenders. I appreciate the quick response....

Thanks @Michael Noto

Hello BP,

I was encouraged to get my financing in place prior to submitting any offers on potential deals prior to submitting offers considering most Realtors/Sellers won't submit/accept offers from investors/buyers that don't already have financing in place (or a pre-approval letter from the financing source) accompanying the offer. So my question is:

1. If I get pre-approved (in order to get this letter) now but I don't find a deal, would'nt my pre-approval expire in a certain time and if I have to do that a few times won't that affect my credit score negatively?

I can see that not being too much of an issue if I plan on using Hard Money lenders and Private lenders but what if I am planning on using a conventional lender?

Thank you guys.... 

My wife has a small home in New Orleans Louisiana that she inherited from her father when he passed in 2008. She's decided to rent it out but it has not been insured since that time. Since this will be the start of our real estate investing journey (opposed to our current residence) we wanted to know if we should look into a regular homeowners/flood insurance policy or an umbrella policy since we'll be acquiring additional rentals in the near future? To throw a wrench in this we currently reside in Columbus Ohio so I'm not sure you can have property in different states under an umbrella policy.

Any suggestions or information would be helpful and appreciated...

@Larry P. Mark Gallagher

I totally understand the logic.

@Richelle T.

Thank you for the connect at Fairfeild and I will definitely reach out to Matt and let him know that you sent me...

Thanks again everyone for the great advice.... 

@Will Koederitz

Thanks for the tip(s). That makes perfect sense.

Hello BP,

I am looking to make my first investment as soon as I find the right deal. I want to build a portfolio of rental property so I wanted to know if I should get financing (pre-approved) in place BEFORE I find a piece of property or should I wait until I find the property I want to purchase?